Executive Summary on new issues 2017 — 11 new issues (previous year 6) in Germany. A study by Dr. Konrad Bösl, Managing Director at Blättchen & Partner GmbH in Munich.
- €2.6 billion placement volume (previous year: €4.9 billion)
- Germany remains meaningless in global comparison — share of the issue volume 1.5 and number 0.7
- 5 of the 11 issuers with a loss in the year prior to the IPO, including the two highest-selling
- 7 New issues in the Prime Standard, 4 in scale, 1 cancellation
- Largest IPO Delivery Hero AG with €989 million placement volume
- Smallest IPO The NAGA Group AG with €2.6 million placement volume
- Last quarter strongest with 5 new issues
- 50 of the issuers placed in the top third of the bookbuilding range, 30 in the lower third of the price range
- Average exercise rate Greenshoe 63.4 (median 92.1
- Average subscription gain 12.1 (median 4.1
- Year-end price 29 December: 9 of the 11 issuers with price gains and better as a total market
- Compared to the overall market, issuers achieved an average increase of 43.1 (median 20.9)
Findings from the New Issue Year 2017
- Global new emissions activity at 10-year high
- New emissions activity in Germany has not been able to keep pace with global comparisons for years
- The performance of new emissions in Germany was good and better than the overall market
- The high proportion of capital increases in new issues shows that the IPO is primarily used to finance growth
- Insufficient liquidity of new issues in scale due to low number of shares placed
- Costs of the IPO on scale are far too high for small to medium-sized companies
- The scale is not attractive to investors and issuers due to the low trading volume and high costs
With innovative financial strategies, Blättchen & Partner GmbH has been one of the leading corporate finance experts in Germany for more than 30 years. The Munich-based company specialises in advising on management participation programmes,IPOs, bonds, promissory note loans and the associated capital market support after the issue. Other areas of focus in the range of services are company investments and M&A transactions. More than 500 transactions are a testament to the company’s proven expertise. The growing interdisciplinary competence network, the high level of customer satisfaction and the large number of publications on important corporate finance topics reflect the recognised reputation of Blättchen & Partner GmbH.
